Business leaders urge Ramaphosa to reform faster

South Africa’s growth remains below 1% a year.
President Cyril Ramaphosa hopes to change investor attitudes towards South Africa at the WEF Africa summit taking place in Cape Town. Image: Jairus Mmutle, GCIS

South African business leaders on Wednesday urged President Cyril Ramaphosa to push through reforms faster to lift the economy and curb investment outflows, as executives and policymakers gathered for a continental economic summit.

Frustration is building in Africa’s most industrialised economy. Ramaphosa has promised sweeping reforms, but growth remains below 1% a year and investors dumped R63 billion of South African assets this year.

Ramaphosa and his senior ministers are hoping to use the World Economic Forum’s Africa summit starting on Wednesday in Cape Town to change investor attitudes to South Africa.

“We have to get the pace of delivery in a different mode,” Absa Chairwoman Wendy Lucas-Bull said on the sidelines of the WEF summit. She urged government to stabilise the country’s fiscal position more quickly and fire officials who had been implicated in serious wrongdoing.

“If individuals have been caught with their hands in the till they have to go,” she said.

South Africa was in a perilous position after this year’s investor outflows, which compare to inflows of around R20 billion in the same period last year, said Aarti Takoordeen, the Johannesburg Stock Exchange’s chief financial officer.

“Investment follows the narrative, and where the narrative is sound and predictable, investment will flow naturally,” Takoordeen said, adding that South Africa was competing against other emerging markets for the same investment flows.

“Any investor wants to see action,” she said.

Ramaphosa said stimulating growth and restoring the credibility of state institutions was an arduous task, given the country’s apartheid past and problems inherited from his predecessor, Jacob Zuma.

“Implementation is my second name, and I want to see implementation all around,” Ramaphosa said. “There is a great deal of impatience in our country, we understand that.”

Ramaphosa, who is on a drive to attract $100 billion of new investment, said he was focused on moving the country into the top 50 on the World Bank’s ranking for ease of doing business.


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“Implementation is my second name, and I want to see implementation all around,” Ramaphosa said.

This is the funniest thing I have read all year.

Now that we know the unidentified leader’s second name is “Implementation”, I wonder what his first and last names are.

“Leader” is a misnomer

Yet again Ramaphosa lays it at the door of Apartheid !!!!
Whomever is President in 100 yrs time will no doubt use the same excuse !
(If RSA Exists then ) .

Well Mr. Implementation your transformation will then have to wait for the NPA to wake up. As you said prosecuting the guilty is out of your hands.

Many of your possible investors will not invest until some of the corrupt elite is locked up.

So think again if it is out of your hands and if it is you might need a new second name.

End of comments.





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